Alderon Iron Ore Corp. (TSX-V: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce that it has received final approval for its common shares to be listed and commence trading on the Toronto Stock Exchange (“TSX”) at the opening of trading on Wednesday, October 12, 2011. The Company shall retain its current trading symbol "ADV". Concurrently, Alderon's common shares will be delisted from the TSX Venture Exchange.

Alderon's President and Chief Executive Officer, Tayfun Eldem commented, “The TSX is the premier global exchange for the mining industry and this listing is a significant milestone for Alderon. The TSX listing represents an opportunity to provide greater accessibility and liquidity to a broader group of investors and provides increased market recognition and access to capital.”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Vancouver Office                  Toronto Office                   Montreal Office              St. John’s Office

T: 604-681-8030                     T: 416-309-2138                T: 514-989-3135              T: 709-576-5607

F: 604-681-8039                     F: 416-861-8165                F: 514-934-4640

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the development of the Kami Project are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the year ended December 31, 2010 or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alderon undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.